Comite de Bien Estar, San Luiz, Arizona
Few, if any, of CHC's transactions conform to the underwriting criteria of a traditional bank. CHC’s ability to underwrite and attract partners to finance complex deals with multiple layers of subsidy, often from several sources, has established CHC as the premier lender to the NeighborWorks® Network.
CHC’s financing approach typically includes collaboration with other lenders and funding sources to create the most beneficial mix of financing for the success and sustainability of the project. In the case of the Las Brisas de San Luis subdivision developed by Comite de Bien Estar, CHC utilized its relationship with State Farm Bank, to access below-market financing through the Federal Home Loan Bank of Chicago, providing the borrower both lower cost funds and greater flexibility than would otherwise be available. The result has been more affordable housing in communities across the country.
By leveraging State Farm's Investment for Families and Communities and CHC loan funds, Comite de Bien Estar was able to make 29 homes available to low income families.
Comité is a land development cooperative which works to empower Mexican-Americans and new immigrants to help them overcome the many barriers they face, including very low wages, little access to conventional financing, and limited political representation. Founded by farm workers in 1977 and incorporated in 1981, Comité is a nonprofit membership organization that focuses on helping members build assets and strengthen the whole community. Comité is located in San Luis, Arizona. San Luis, a town of about 19,000 in Yuma County, is in the southwestern corner of the state where agriculture is the major industry. The town is just across the river from California and the border from San Luis de Colorado in Mexico, a city of 300,000.
Originally from San Luis Rio Colorado, Sonora Mexico, Alan made a bold decision to move to the United States for retirement, after he’d worked as a laborer for thirty years. Together with his wife, Glafira, he considered the option of home ownership for the first time. Daring to consider new construction, they reviewed advertisements for lots at Comite’s new development at Bienestar 9B.
Encouraged by staff at Comite, he asked further questions and became informed of the construction program. “The employees made the process so easy and streamlined,” Alan said. “It was an easy option to move forward. We felt very at ease and it seemed they would do whatever it took to help us achieve our dream of owning our own home” Alan said.
Today, their home is much larger than their former home – and it belongs to them. “They are ecstatic and satisfied with their home,” Comite de Bien Estar Inc. public relations manager, Tony Reyes Jr. said. “They can’t wait to live out the rest of their lives in peace.”